All Forum Posts by: Jay London

John so you disclose what your making on the assignment to the buyer but not the seller? I went to Stewart Title here and they don't want to do the deal unless they disclose to all parties including the seller. I really don't want to disclose profits to seller and the title company wants me to close and then sell to my buyer. I tried to explain it to them as simple as you did above and they said it can't be done because of RESPA. I argued but they basically won't do the deal. So what title company do you use in TX. I'll see if there's one here in OKC and hopefully they understand.

Soooooo?? Who might you be funding in my town @Jay Hinrichs

How are the veteran wholesalers closing deals. 
Assignments?
Double closing? 
The reason I'm asking is I'm not comfortable with my seller answer my buyer knowing what I'm making on the deal and my title company doesn't want to provide blind HUDS. They want to disclose to all parties. They won't double close either. They require I use my cash or transactual funding and then my buyer come in and bring thier cash. I use Stewart Title to close all my new construction deals but they won't do my wholesale deals. They say what I'm doing is a flip and against the rules. I explain it's an all cash deal and Fannie or Freddy rules don't apply and also can't tell how I can or can't make money. 

I would like to hear how everyone else is addressing thier closing issues 

@John Matthews

It looks like investorfuse lays on top of podio so you'll still need podio to use it. Check this link out.

https://duncanwierman.wordpress.com/tag/investorfuse/

@Guy Olds

No I haven't looked at either of them. I need simple and nothing that require any tech stuff. I'll look at them but if it requires any integration with something else. I'm out. Freedomsoft "Looks" like it does everything I need. I could be wrong though.

There is no way I would use Hard Money on new construction. I feel that interest is the devil and paying 10-12% to someone is ridiculous. Just my opinion. I'm not going to do all the work and give away half the profits. The margins are just to tight on new construction. My goal is 20-22% net profit on new specs. I pay 6% and half point now at the banks. Double that % and profits aren't worth the risk.

My banks do 80% of appraisal no equity. Here a builder should have no problem building for that unless he's putting to much "fluffy-poopoo" in the house, which several do. The production builders around here just want to roll money, so all they care about is making 10-15K a house and build 100+ a year. So I get out of areas that those guys are in. I build mid-level homes 200-250K and I try to net 35K a house. 10-15 a year and about 5 customs a year. Customs make a lot more on margins. That's all I want to do. Add in a couple flips and maybe a commercial job I got all I can handle.

So all I'm saying is be careful on Hard Money. It's the devil or can be.

How many lots??? If the market is as hot as you say the builders should be fighting over it. Lots are a tough commodity to come by when your a builder and when you find them you(we) normally want to scoop them all up or we find a couple of other builders together and buy the entire development.

Contact the local builders association and get a copy of all the local builders emails. Send out a massive email with what you have. Your phone should be ringing.

Ok guys I've read all your posts about which CRM you prefer and are using. I've watched both company videos. I know every person has their own needs in a CRM but I'm leaning towards Freedomsoft simply because "it seems" like it has what I'm looking for. I am not at all techy and really don't care to waste my time to become techy. I'm very impatient and expect things to work quickly and painlessly when I use them or I lose my patients. "Did I say I'm impatient"?

With Freedomsoft it appears to be a one stop shop. From setting up direct mailing campaigns with prebuild letters to providing seller lists and allowing you to import your existing lists to keeping track of contacts to auto filling offers and contracts. Podio seems to be a little more Realtor oriented with task management and reminders plus I think I would have to spend some real time learning the program where as Freedomsoft APPEARS to be built for people like me. I could be wrong for sure.

I need the most automated system available that "I" the un-techy guy can run. I want to sign on, point and click with automation then wait on phone calls. As for the comp finder, cost estimating ect. they are nice to have but I don't need them. I've been in construction so long that I can walk a house myself and be within $500 of true expense and being a RE broker I can comp it myself, BUT those included (and if they are correct, NOT Zillow type comps) it will just make things quicker and maybe I won't lose my patients with it.

I have not look into cost on either but honestly I'm not worried about a couple hundred a month as long as it saves me time and does what I need it to do.

Those that have used both systems what do you think?

@Ben Freeburg

Appfolio is one that seems to do well.

Good to know that @Mark Allen. Been awhile since I've done anything in TX. I knew =L/O were more challenging in TX then most states.